'Appropriate Gamesmanship': Comments of the Week
July 29, 2016 7:30 AM
American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.
On the CFPB's use of midnight embargoes:
"These midnight embargoes are totally inappropriate for a regulatory agency tasked with representing ALL Americans not one political party or candidate. It breeds mistrust in government and handicaps journalists and readers who are trying to tell a complete story. What's appropriate gamesmanship for political candidates and publicly traded companies is NOT appropriate for government agencies."
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On startup core systems trying to challenge the vendor oligopoly:
"Be careful what you wish for. In 1987, there were 113 U.S. core vendors in the market. At the time, I described it as chaos. Consolidation was considered the correct solution.
All five deserved their success, and therefore 'oligopoly' is a proper label. Don't let history repeat itself. The five know banking better than anyone, even their clients. New bank tech companies will be tested by bankers for their knowledge of banking."
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In support of an op-ed arguing that interchange price controls harm consumers:
"Price controls have never worked for the benefit of consumers in history. Mr. Durbin is clearly not a student of economics or history."
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On a liberal group's negative reaction to vice-presidential candidate Tim Kaine's signing pro-community bank letters:
"Some progressive groups' response to any consideration of regulatory relief for financial institutions is reminiscent of the NRA's reaction to gun control discussions: a reflexive, categorical 'no,' demonizing and threatening anyone who would even raise the topic. Progressives like to portray themselves as open-minded and tolerant; they are just as intransigent and repressive as their conservative counterparts."
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On Trump's apparent encouragement to Russian hackers:
"Remarks designed to cozy up to people like Putin are dangerous to bankers, Americans and our allies throughout the world."
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On how banks' privacy concerns shape blockchain vendor strategies (via <a href="https://twitter.com/paul_btc/status/758083740279201796" target="_blank">Twitter</a>):
"Bitcoin still in development and not ready for bank assets, give it 2-5 years (meanwhile buy some)"
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